EGX maintains sideway movement in absence of incentives

Alyaa Stohy
3 Min Read
A general view of the Egyptian Exchange (EGX) in Cairo August 18, 2013. Egypt's stock market fell sharply on Sunday as it resumed trading after hundreds of people were killed in a crackdown by the army-backed government on supporters of the Muslim Brotherhood. Banks and the stock market reopened for the first time since Wednesday's carnage, with shares rapidly falling 2.5 percent. REUTERS/Louafi Larbi (EGYPT - Tags: POLITICS CIVIL UNREST BUSINESS)

The Egyptian Exchange (EGX) keeps moving sideways, failing to test the resistance area of 11,700 points

EGX30 closed at 11,667.73 points, recording an increase of 1.15%. EGX70 EWI posted 0.79% gain concluding the last week at 2,131.58 points, while S&P Index rose by 1.47% and concluded the period at 1,906.71 points.

Mohamed El Aasar, Technical Analysis Lead at Thndr, said that the benchmark index EGX30 remained above the support area between 11,500 – 11,400 points. Accordingly, the chance of resuming the upward move to reach 11,700 points remains high as long as the Index keeps trading above the latter support area.

He added that We keep advising our investors to be selective to outperformed shares, while trailing their protective stop to the nearest support levels according to each stock separately.  At the same time, short term traders may realize some profits for the recent trades that achieved targets.

EGX30 capped rose by 1.82% and concluded at 13,949.34 points, while EGX 100 EWI index rose by 1.46% and concluded the period at 3,166.52 points.

Total market capitalization reached EGP 738.3bn at end of period, representing An increase of 1.25% over the last week. 

The total value traded recorded EGP 19.4bn, while the total volume traded Reached 2,084 million securities executed over 207,000 transactions last week.

For the week before last, the total value traded recorded EGP 17bn,, while the total Volume traded reached 2.876 billion securities executed over 261,000 transactions. 

Stocks trading accounted for 69.4% of the total value traded of the main market, While the remaining 30.60% were captured by bonds over the week.

Egyptians represented 72.6% of the value traded in listed stocks after excluding deals during The period. Foreigners accounted for 14.6%, while Arabs captured 12.8%. Foreigners were net Sellers, with a net of EGP 312.4m, and Arabs were net sellers, with a net of EGP 212.8m, after excluding deals in listed stocks.

Since the beginning of the year, Egyptians represented 81.9% of the value traded in listed stocks after excluding deals. Foreigners accounted for 10.8%, while Arabs captured 7.3%. 

Foreigners were net sellers by EGP 6.3bn, and Arabs were net buyers by EGP 2.19bn, after excluding deals in listed stocks during this year. 

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